Social Security Tax Relief

[JohnDB]

So apparently, tax relief on Social Security recipients is here.

However,
It's not permanent.
It's no different from when congress under the Democrat control started taxing Social Security.

It can be changed with a new Congress.

What do you think?

 

[JGalt]

So apparently, tax relief on Social Security recipients is here.

However,
It's not permanent.
It's no different from when congress under the Democrat control started taxing Social Security.

It can be changed with a new Congress.

What do you think?

Democrats are stuck between the proverbial rock and a hard place. Just like when Biden kept in place many of Trump's tariffs and tax cuts, it would be political suicide for them to roll back tax relief on Social Security.

Of course, they'd most likely take credit for it.

 

[protectionist]

Now that Social Security taxes have been discussed, how about giving Social Security recipients SOME MONEY in the first place ?

After 4 years of skyrocketing rents at 100-200% inflation, the Biden govt thought it was OK to give SS recipients an insulting 2.5% increase.

In my case that is $25/month +
Rent just went up $104/month.

This is $79/mo LESS in my pocket (or $948/yr LESS)

And no sign of any change. Who is even talking about it ?

 

[Independent thinker]

So apparently, tax relief on Social Security recipients is here.

However,
It's not permanent.
It's no different from when congress under the Democrat control started taxing Social Security.

It can be changed with a new Congress.

What do you think?

They kind of worded the letter incorrectly but I'll take the extra benefits for a few years as opposed to zero.

 

[Independent thinker]

Now that Social Security taxes have been discussed, how about giving Social Security recipients SOME MONEY in the first place ?

After 4 years of skyrocketing rents at 100-200% inflation, the Biden govt thought it was OK to give SS recipients an insulting 2.5% increase.

In my case that is $25/month +
Rent just went up $104/month.

This is $79/mo LESS in my pocket (or $948/yr LESS)

And no sign of any change. Who is even talking about it ?

The program is still going bust now and no one is talking about fixing it, although democrats think that taxing the rich more solves everything.

 

[Edgetho]

So apparently, tax relief on Social Security recipients is here.

However,
It's not permanent.
It's no different from when congress under the Democrat control started taxing Social Security.

It can be changed with a new Congress.

What do you think?

Social Security is payed into with After-Tax money. Taxes are taken out of your paycheck and THEN Socialist Security is deducted.

And then when you take it out, if you're lucky enough to have loved long enough, and when the value of the money you put into the fund has been halved by inflation and the goobermint giving SS money away to anythng that moves........

You pay taxes on it likely as not. Not everybody does. Just those smart enough to, you know, plan for the future.

Our government loves to reward incompetence. And now, for once, we're getting a break. Not a leg up, mind you, just a break from being robbed blind by a government that rewards incompetence.

About time.

 

[Edgetho]

The program is still going bust now and no one is talking about fixing it,

The system is easily fixable. Just keep the benefits the same and do away with the cap. FIXED!

although democrats think that taxing the rich more solves everything.

dimocrap scum are too stupid to know that no country at any time in human history has ever taxed its way to prosperity.

Mostly because they'stupid but moreso because being a dimocrap scumbag is a disease of the spirit

 

[berg80]

I believe the way it works is there is a new $1,600 additional standard deduction for those over 65.

 

[berg80]

After 4 years of skyrocketing rents at 100-200% inflation, the Biden govt thought it was OK to give SS recipients an insulting 2.5% increase.

SS increases are pegged to inflation. It wasn't a decision left to the Biden admin.

 

[Nostra]

Every Dimwinger voted against tax relief for old folks.

 

[protectionist]

SS increases are pegged to inflation. It wasn't a decision left to the Biden admin.

Oh, and what administration was it a decision ?

 

[JohnDB]

Social Security is payed into with After-Tax money. Taxes are taken out of your paycheck and THEN Socialist Security is deducted.

And then when you take it out, if you're lucky enough to have loved long enough, and when the value of the money you put into the fund has been halved by inflation and the goobermint giving SS money away to anythng that moves........

You pay taxes on it likely as not. Not everybody does. Just those smart enough to, you know, plan for the future.

Our government loves to reward incompetence. And now, for once, we're getting a break. Not a leg up, mind you, just a break from being robbed blind by a government that rewards incompetence.

About time.

If the money taken from your paychecks PLUS the money your employers paid into SS on your behalf were put into a simple Russell 2K, S&P 500, or DJI....

You would likely have 10 million dollars to retire off of. More than enough for most people after working 30-40 years to never work again and have enough $$ for gap insurance. (Medicare supplimental).
That $30k/yr paid by SS is peanuts by far comparison.

Also....that $10 million is transferable to your heirs. SS is not.

Who is getting robbed?

 

[protectionist]

I believe the way it works is there is a new $1,600 additional standard deduction for those over 65.

None of this means a damn thing to poorer Social Security recipients who don't pay any taxes anyway. What we need is SS payment INCREASES that keep up with inflation. Especially housing rents - the big one.

 

[JohnDB]

SS increases are pegged to inflation. It wasn't a decision left to the Biden admin.

Unless you rig the system to mis-report inflation. Which is precisely what EVERY administration has done to continually shrink benefits.

 

[22lcidw]

SS increases are pegged to inflation. It wasn't a decision left to the Biden admin.

The basket of goods that the government uses for inflation derived COLA increases is questionable. Then again you were saying Joe was mensa.

 

[Independent thinker]

The system is easily fixable. Just keep the benefits the same and do away with the cap. FIXED!


dimocrap scum are too stupid to know that no country at any time in human history has ever taxed its way to prosperity.

Mostly because they'stupid but moreso because being a dimocrap scumbag is a disease of the spirit

We owe 37 trillion dollars because we have spent that much more than our receivables. You know, if democrats actually said they wanted to tax the rich more and use that money solely to pay down the debt, I would actually entertain the thought a little. But, whenever they talk about taxing the rich more, it is to continue on with our overspending and use the increased tax revenues to spend even more.

I think it was Biden's IRA bill, if I remember correctly, that Biden promised Joe Manchin that 500 billion dollars of that bill would go to pay down the debt so Manchin voted for it. Less than two weeks later Biden declared he was forgiving student loans which, if it had worked out, would have cost, guess how much? 500 billion dollars.

 

[JohnDB]

None of this means a damn thing to poorer Social Security recipients who don't pay any taxes anyway. What we need is SS payment INCREASES that keep up with inflation. Especially housing rents - the big one.

Yeah....it's pegged to "core" inflation instead of consumer price index and real estate increases.

The CPI tends to be more accurate than core inflation....but the Bureau of Labor and Statistics is at odds with reality. The Government has a vested interest in lying or fudging the numbers. (Interest rates, SS payments, and political brownie points). Which is why private firms have popped up to provide realistic numbers. (And it's not like they do not have the data)

But Biden's numbers were never accurate with jobless claims ALWAYS adjusted significantly higher almost a full quarter after the initial reporting.

 

[Edgetho]

If the money taken from your paychecks PLUS the money your employers paid into SS on your behalf were put into a simple Russell 2K, S&P 500, or DJI....

You would likely have 10 million dollars to retire off of. More than enough for most people after working 30-40 years to never work again and have enough $$ for gap insurance. (Medicare supplimental).
That $30k/yr paid by SS is peanuts by far comparison.

Also....that $10 million is transferable to your heirs. SS is not.

Who is getting robbed?

There has been a lot of people do the math on that and..... It's not as much as you might think.

Social Security isn't a bad bargain. It's okay.

I'd look it up but I'm a little hungover from partying the Victory we had over dimocrap scum.

This bill just about ends them. All they have now is the Cucks in the DISGUSTING FILTH of the Media and nobody believes them anymore. Rightfully so.

I thought dimocrap FILTH were supposed to go more toward the Center. Be more of an American Party. Lose the lunatics, understand young people....

 

[1srelluc]

You would have done better taking that SS contribution and buying US Savings Bonds with it.

 

[JohnDB]

There has been a lot of people do the math on that and..... It's not as much as you might think.

Social Security isn't a bad bargain. It's okay.

I'd look it up but I'm a little hungover from partying the Victory we had over dimocrap scum.

This bill just about ends them. All they have now is the Cucks in the DISGUSTING FILTH of the Media and nobody believes them anymore. Rightfully so.

I thought dimocrap FILTH were supposed to go more toward the Center. Be more of an American Party. Lose the lunatics, understand young people....

View attachment 1132262

You are correct....
I asked GROK for the answer and this is what it came up with. This far exceeds the $480k lifetime expected benefits from SS.
However, this doesn't provide for those who, at a young age, qualify for SSDI (wage insurance) or Survivors benefits for those who die young but are married.

If a blue-collar worker starting in 1985 invested all Social Security contributions (12.4% of earnings) into:

• S&P 500: They would have approximately $1,609,618 (nominal) or $538,946 (inflation-adjusted to 1985 dollars) by 2025.
• Russell 2000: They would have approximately $1,258,968 (nominal) or $421,485 (inflation-adjusted to 1985 dollars) by 2025.These amounts far exceed the expected Social Security benefits of $432,000–$480,000 over 20 years of retirement, highlighting the potential of market investments, though they carry higher risk compared to Social Security’s guaranteed, inflation-adjusted benefits.